Fiserv upgrades fraud risk and AML systems

Source: Fiserv

Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced the availability of Fraud Risk Manager 4.6, the newest version of its multi-channel fraud detection and management solution.

Also available is AML Manager 4.6, the market-leading anti-money laundering solution. Both Fraud Risk Manager and AML Manager from Fiserv are designed to enhance and optimize financial institutions' financial crime risk management operations, by delivering best-in-class fraud and anti-money laundering (AML) transaction monitoring solutions, integrated with a common platform for automated alert intelligence and investigation, case management and regulatory reporting.

Offering Fraud Risk Manager and AML Manager on a unified platform allows for not only shared functionality but also increased efficiencies through potential utilization of common resources and reduced maintenance and hardware costs. As more banks look to consolidate their fraud and anti-money laundering functions, this unified platform supports the associated business driver for an enterprise-wide view of risk.

Neil Katkov, PhD, senior vice president of Celent's Asia Research Group said, "Financial institutions are seeking ways to integrate their compliance and fraud operations in order to create an enterprise-wide view of risk, but siloed business units and systems are a significant barrier. Solutions that address this issue have the potential to bring the goal of enterprise compliance closer and to help generate efficiencies on both an organizational and systems level."

"At Fiserv, we are taking a 'glass bottom boat' approach to our risk management strategy - that is, to provide a complete and consolidated view of all risk and risk mitigation plans across the entire enterprise," said John Filby, president, Risk Management Solutions at Fiserv. "Our vision is to deliver the market leading suite of financial crime risk management products through integration and delivery of our best-in-class fraud and anti-money laundering transaction and event monitoring systems. The latest releases that we are announcing today are a vital part of the delivery on this vision."

FFraud Risk Manager 4.6
Extensible to new and evolving payment types and channels, Fraud Risk Manager 4.6 is an end-to-end, scalable environment combining innovative transaction and customer monitoring for highly accurate detection. With a library of more than 300 user-configurable alert definitions from which to select, coupled with the ability for clients to create entirely new alert definitions, Fraud Risk Manager 4.6 from Fiserv is designed to provide extensive coverage to protect against fraud losses and to allow users to quickly adapt to new fraud threats.

Fraud Risk Manager 4.6 monitors not only transactions, but also customer characteristics, account information and non-financial events, such as an address change, new debit card and PIN requests or change in ownership. Fraud Risk Manager also combines multiple monitoring techniques including profiling, predictive analytics, peer group analysis and rules to detect more fraud with lower false positives, thereby reducing both fraud losses and mitigation expenses.

AML Manager 4.6
The industry's top-selling solution in 2007 and 2008 as ranked by IBS Publishing, AML Manager from Fiserv is a fully integrated, easily deployable and highly effective anti-money laundering system. It combines sophisticated risk-based transaction monitoring, watch list filtering, CDD/KYC features, investigation tools, case management and automated reporting, delivering the highest degree of detection accuracy and operational efficiency. The 4.6 release offers several new or optimized capabilities in areas like list matching, behavioral profiling and reporting. For financial institutions with U.S. operations, it also can assist with remaining compliant with regulations such as the Fair and Accurate Credit Transactions Act (FACTA) Red Flags and the new NACHA IAT operating rules.

Part of the Fiserv core competency in risk and compliance, these offerings improve the detection, mitigation and effectiveness of financial crime operations within financial services institutions. Fraud Risk Manager and AML Manager are part of the award winning fraud risk and compliance solutions from Fiserv, which include the former Carreker fraud and NetEconomy anti-money laundering solutions.

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